Climate disruption financing
November 20, 2014
At the capitalization meeting, 21 countries pledged to contribute $9.3 billion to the Green Climate Fund, the new international climate disruption financing tool. This fund should support developing countries in their transition toward trajectories that are consistent with the goal of limiting global warming to 2°C.
France helped build positive momentum through the commitment made by President Hollande at the UN Climate Summit in September to contribute $1 billion to the Green Climate Fund. This momentum must be continued. Several countries have indicated their intention to contribute to the fund in the near future.
France stated that its contribution would consist of a €489 million grant and a zero-interest loan of €285 million.
Bolstered by its new resources, the fund will, beginning in 2015, be able to help developing countries finance efforts to reduce their greenhouse gas emissions, and, for the most vulnerable countries in particular, support their climate change adaptation policies.
The fund’s initial capitalization is an important milestone ahead of the COP20 in Lima in the run-up to the 2015 Paris Climate Conference, where a new universal and ambitious agreement on the fight against climate change should be concluded under the auspices of the United Nations.